He challenged major Western companies over oil pricing and won, inspiring other Arab states to begin the 1973 oil price explosion.
But it could help stem the volatility in oil pricing.
Shortly after his appointment, Banbi modified oil pricing of Egypt and also, reshuffled officials at the ministry.
Mr. Hussein's overall goal, most diplomats agree, is dominance of the Persian Gulf through military strength and control of oil pricing.
West Texas Intermediateis a grade of crude oil used as a benchmark in oil pricing.
West Texas Intermediate (WTI), also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing.
West Texas Intermediate is used as a benchmark in oil pricing.
The initiatives include assistance for oil developments, investments in refining capacity, and preferential oil pricing.
As for oil pricing, he said, "We are on the verge of a meltdown."
Petrofina is under investigation by the Energy Department for possible violations of oil pricing and distribution rules.
